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Bayer to Buy Conceptus in $1.1B Birth Control Deal

The deal could close later this year if regulators approve


49266_S15Shares of Conceptus (NASDAQ:CPTS) surged almost 20% in Monday morning trading after Bayer AG (PINK:BAYRY) said it would buy the birth control products maker.

The German pharmaceutical giant is offering $31 a share for Conceptus, valuing the acquisition at $1.1 billion, the Associated Press noted.

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Not surprisingly, Conceptus shares jumped to just under $31 a share. The California-based company produces a permanent contraceptive treatment under the brand name Essure. The treatment uses metal and polyester bands to constrict a woman’s fallopian tubes, preventing pregnancy.

Regulators will have to approve the deal.

The purchase would add to Bayer’s existing range of contraceptive products. Conceptus has a workforce of roughly 300. The companies expect to finalize the merger later this year.

In November, Bayer acquired Utah-based vitamin producer Schiff Nutrition International for $1.1 billion.

Shares of Bayer rose fractionally in over-the-counter trading on Monday.

Article printed from InvestorPlace Media,

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